Evans says that this raises “a very obvious growth question” for the iPad, which has seen its growth stall despite having a much steeper long-term drop in its average selling price (ASP) than the iPhone.

If there’s any good news for the iPad in this, it’s that the year-over-year sales drop isn’t as bad as it first looks. Jackdaw analyst Jan Dawson points out that the “real year-over-year sell-through decline in iPad was just 3% vs. 16% sell-in decline.” In other words, the year-over-year decline was actually much closer to 500,000 units and not a decline of 4 million units that Apple posted in its earnings report.

Nonetheless, a year-over-year decline is not a good sign for future iPad sales and as things stand now, the iPad’s best days seem to be behind it.